- Bitcoin price slips below weekly open, suggesting the possibility of a 10% downswing to $17,924.
- Ethereum price will follow BTC’s and retest the $993 support level.
- Ripple price faces third rejection at the $0.336 hurdle and leans toward a correction to $0.306.
Bitcoin price shows signs of exhaustion as it reverses the bullish trend seen over the past three days. This has caused Ethereum, Ripple and other altcoins to take a backstep as well. Going forward, investors can expect this minor retracement to evolve into a foothold that bulls will use to extend the run-up.
Bitcoin price plans its next step
Bitcoin price climbed past the weekly open at $20,535 and swept Monday’s high at $21,068 on June 22. This bullishness caused a lot of altcoins to trigger exponential rallies. However, the exhaustion of buying pressure seems to be leading to a correction that has pushed BTC from $21,705 to $20,416.
This 7% downswing is likely to continue until BTC retests the $19,416 support level. Here, buyers have a chance to rescue the price and lift it higher, continuing the uptrend. However, failure could see Bitcoin price slide lower and sweep Monday’s low at $17,924.
BTC/USD 4-hour chart
On the other hand, if Bitcoin price produces a higher high above the June 21 swing high at $21,705 and stabilizes above $21,068, it will invalidate the bearish outlook. This development could see BTC further rally to $23,000.
